Rona shareholders reject Lowe’s bid

Rona shareholders reject Lowe's hostile takeover bid

Two of Rona’s large Quebec-based shareholders have thrown their support behind the company’s decision to reject Lowe’s hostile bid.

• The Caisse de dépôt et placement du Québec, the largest shareholder acquired almost 2.5 million Rona shares on Tuesday morning at an average price of $14.167 a share. After those purchases, the Caisse now has a 14.18% stake.

“This investment was made in the context of the announcement made today by Rona, according to which it has recently received an unsolicited acquisition proposal from Lowe’s Companies, Inc.” the Caisse said in a statement.

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And it may buy more: “The Caisse may modify its investment in Rona depending on market conditions or any other relevant factor,” it said.

• The Fonds de solidarité FTQ, another major Rona shareholder, said that it “supports” the Quebec company’s Board of Directors’ unanimous decision made public today to reject the unsolicited purchase offer made by U.S.-based Lowe’s.

In a statement, the manager that has net assets of $8.5-billion, added that it supported the board’s decision “keeping in mind its key mission to support Quebec job creation and economic development, while offering its shareholders a reasonable return on investment. The Fonds de solidarité FTQ also has confidence in RONA’s management team, as well as in its business plan.”

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